Kingsland Energy Corp. is technology driven corp. focused on the Western Canadian Market.
KEC Closes Previously Announced Acquisition of Steelman Assets
Regina, Saskatchewan – Kingsland Energy Corp. (“Kingsland”) (TSX Venture: KLE) today announced that it has completed the previously announced acquisition of the arm’s length party, Condor Canada Petroleum Inc.’s (“Condor”) assets in the Steelman-Ward area of Saskatchewan, for the gross cash proceeds of $3,100,000. Trading is scheduled to resume on Friday, June 1, 2012 upon TSX Venture Exchange confirmation.
The Condor asset is located in the Steelman field, just outside the town of Frobisher, Saskatchewan. Kingsland will hold a 100% working interest in 1,760 gross acres of petroleum and natural gas leases (1,760 net acres) currently producing 32 bbl/day of light crude oil and 66 Mcf/day of gas. The property consists of six producing wells from the Midale formation with secondary opportunity in the Frobisher formation. Kingsland plans to immediately optimize current production and further exploit the field through the deployment of advanced horizontal drilling technology.
“Kingsland is pleased to own assets in the Steelman field which has been identified as a future candidate for CO2 enhanced oil recovery (“EOR”)” said Mark Kilback, Kingsland’s CEO. The CO2 could come from the CO2 capture project presently under construction at the coal fired Boundary Dam electricity generating station or from the CO2 pipeline infrastructure serving South East Saskatchewan.
Kingsland is uniquely positioned as a resident Saskatchewan Oil Company with the capabilities, technologies and in house skills to extract the full value from oil assets: managing whole life oil field production from primary production, through secondary optimized water flood and advanced tertiary processes; for both light and heavy oil.